FMBN Supports Tax on Vacant Houses in Abuja.

FMBN Supports Tax on Vacant Houses in Abuja.

By Fly Cable News

…Records N11.58bn Operational Surplus in 2024

The Federal Mortgage Bank of Nigeria (FMBN) has backed calls for taxing vacant houses in Abuja, stating that the measure could generate funds for affordable housing for low and middle-income earners.

Speaking at a media briefing on Wednesday to mark his first year in office, FMBN Managing Director Shehu Usman Osidi stressed the need to bridge Nigeria’s housing deficit by ensuring underutilized properties contribute to sector growth.

“Vacant houses in Abuja should be taxed. At FMBN, our priority is financing affordable housing for low and middle-income earners. Taxing these houses could encourage more investment in accessible housing, as many of the vacant properties are beyond the reach of our target customers,” Osidi stated.

FMBN’s 2024 Financial Performance

Osidi announced that FMBN recorded an operational surplus of N11.58 billion in 2024, the first time in over 30 years the bank has achieved such a milestone.
He credited this success to strategic revenue growth, cost-cutting measures, and prudent financial management, though he acknowledged that impairments could impact the final surplus figure. Efforts are underway to address inefficiencies that have led to high impairments in the past.

Additionally, National Housing Fund (NHF) contributions grew to N103 billion in 2024, reflecting a N3 billion increase from 2023’s N100 billion.

“This growth in NHF collections signifies renewed trust and participation by Nigerian workers,” Osidi noted.

Key Achievements in 2024

658 employer organizations and 178,619 employees registered under the NHF scheme, up from 556 employers and 113,577 employees in 2023.
Kano State civil servants rejoined the NHF scheme after 24 years, following a deal signed on January 1, 2025. With over 160,000 civil servants, Kano’s participation is expected to significantly boost contributions.
N71.5 billion in loans was approved, compared to N39.75 billion in 2023.
N14.4 billion refunded to 44,333 beneficiaries, up from N13.2 billion refunded to 40,426 beneficiaries in 2023.
Addressing Non-Performing Loans and Recapitalization

Osidi emphasized ongoing efforts to reduce high non-performing loans (NPLs) inherited by the current administration while pursuing the recapitalization of FMBN to strengthen its financial position.
“We are committed to tackling non-performing loans and recapitalizing the bank to ensure long-term financial stability,” he assured.

The FMBN’s latest achievements mark a new era of stability and growth, with a clear focus on affordable housing, financial discipline, and sustainable development in Nigeria’s real estate sector.